While the Sensex hit an all time high of 38,402 rising 124 points from yesterday's close, the Nifty rose 30 points to new peak of 11,581 after climbing 30 points from its previous close.

The Sensex and Nifty scaled fresh peaks in early trade today on gains in big cap stocks such as Bajaj Auto, ITC, Asian Paints and Adani Ports. While the Sensex hit an all time high of 38,402 rising 124 points from yesterday's close, the Nifty rose 30 points to new peak of 11,581 after climbing 30 points from its previous close. The BSE midcap and small cap indices were trading 0.40% and 0.26% higher, respectively.

Bharti Airtel was the top Sensex loser post dismal subscriber data for the Month of June. The firm added a paltry 10,689 customers in June, the least compared to its peers. The stock was down 0.94% at 366.90 level.

Mustafa Nadeem, CEO at Epic Research said, "Primarily, sentiment wise we believe it is optimism that has turned up post fresh talks between US and China. Secondly, domestic cues have been positive as fund flows that we are witnessing since July series has been positive. This is clear indication that trend is up and having positive flow makes it intact at lower sides or due consolidations and corrections. The third and most important factor is the heavyweight Reliance that is trending higher. The stock has been up almost 10% in August Series itself and that is what taking along the Nifty with it. The heavyweight today has also alone added 60% of the gains while 40% is from other top 9 gainers. Fourth, the derivatives data clearly suggested in past two days that there has been aggressive writing at 11400 - 11500 CE which indicates this to be the near-term bottom and higher levels are expected since fresh build-up was seen in 11600 - 11700 Strikes. Lastly, subdued and lower levels in Crude is helping sentiments to remain positive in short term."

Other losers were Vedanta (1.01%) and ONGC (0.86%).

The rupee too opened higher by 17 paise at 69.65 today compared to Monday's close of 69.82 level to the dollar.

Mustafa Nadeem, CEO at Epic Research said, "INR appreciated as the relief rally is seen in most Asian Emerging markets currencies post fresh talks between US and China and fading away of Turkish crisis. The INR appreciated by more than half a percent as Bearish bets on USD mounted. The Dollar index fell against a basket of currencies that led to an up move in INR as it came below $70 Mark in August contract though it continues to be above $70 in September."

Market breadth was positive with 923 stocks rising compared to 791 falling on the BSE.

Global markets

Asian shares were mixed Tuesday amid doubts on the prospects for resolving the trade dispute between the US and China.

Japan's benchmark Nikkei 225 slipped nearly 0.2 percent in morning trading to 22,158.35, while Australia's S&P/ASX 200 lost 0.9 percent to 6,290.00. But South Korea's Kospi added 0.4 percent to 2,255.65. Hong Kong's Hang Seng was little changed, inching up less than 0.1 percent to 27,610.20, and the Shanghai Composite was up 0.6 percent at 2,714.12. Shares were higher in Taiwan but lower in Singapore.

The S&P 500 rose 6.92 points, or 0.2 percent, to 2,857.05. The Dow Jones Industrial Average climbed 89.37 points, or 0.3 percent, to 25,758.69. The Nasdaq composite recovered from a morning slide, adding 4.68 points, or 0.1 percent, to 7,821.01. The Russell 2000 index of smaller-company stocks also rebounded, picking up 5.75 points, or 0.3 percent, to 1,698.69.